Denver the 6th Market for Office Completions in 2018
DENVER — In 2018, the top 40 markets — including Denver — for office deliveries added roughly 76 million square feet of new office space and scheduled completions for this year are expected to add a further 115 million square feet to the U.S. office market, according to a CommercialCafé report.
While some reports raise concerns about how the pace of development will be affected by tariff and trade wars, growing construction costs and labor shortages, the office sector is expected to hold up better than it has in earlier downturns. This is mainly due to more restrained lending practices, a more moderate pace of development and the concentration of new office properties in markets with significant job growth.
- With 2.3 million square feet across 23 projects, Denver is the 16th market for office deliveries in 2019. NYC took #1, expecting 16 million square feet of new office space;
- The two-building, 375,000-square-foot Market Station is the biggest office project expected to be delivered in Denver this year. Owned by Continuum Partners, it is scheduled for August;
- In comparison, Denver is the sixth market for 2018 completions, with 3.2 million square feet and 19 projects delivered last year;
- The 671,101-square-foot 1144 Fifteenth Street was the largest office project completed in 2018 in the market.